FX.co ★ USD/CHF - Mathematical analysis with Murray lines for September 20, 2013

Daily chart

During Thursday's session saw several piece of news from Switzerland. Its trade balance report threw a surplus of CHF 1.85 billion for the month of August, while analysts expected it was the figure of 2.74 billion CHF.
On the other hand, the Swiss National Bank (SNB) decided to keep interest rates unchanged at less than 0.25%.
But what caught the attention of the investors was that the SNB has upgraded its growth forecasts. The central bank now expects the economy to grow by 1.5% to 2.0% in 2013 instead of its earlier calls for 1.0% to 1.5% growth.
With these expectations ahead, francs bulls may continue to maintain control of the game today also.

4-Hour chart

On the 4-hour chart we see that the USD/CHF pair has had no significant changes during the last 24 hours. However, if we notice that below the line 3/8 (green line), which we know is the basis of rank contribution, and the fact that the price has not been able to return above this could be an indication that the Swiss franc will continue to gain ground against the dollar. Probably it is looking the uptrend line support around the red line 2/8 which is located at 0.9033.

1-Hour chart

The 1-hour chart allows us to see more clearly the range where the USD/CHF pair was moving in the last 24 hours. The red line of 2/8 and a green roof line 3/8 have not overcome any of these levels.
So according to our analysis and taking into account that the price approaches the upper line of the trend channel, in our opinion there are two possibilities for Friday.
If in the next few hours the price exceeds line 3/8 which is above 0.9125, we can expect a rebound until at least 0.9185.
On the other hand, if the price falls below the 2/8 which is below 0.9085, we can expect a shift to at least 0.9035.

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